ITC’s latest acquisition may seem like an extension of its presence in the agri-inputs space. The Zuari group’s seed potato business Technico Pty in Australia will add to its agri-input business. But just as trading in wheat gives it an edge in sourcing for Aashirwaad Atta, its latest trophy could boost its Bingo potato chips business.
Technico, the company it acquired, has operations in emerging markets like India, China and Africa besides developed markets. In FY07, its group turnover was around Rs 30 crore. It has been making losses, however. Technico has a share capital of Rs 149.5 crore and a net worth of just Rs 31 crore due to accumulated losses. Its subsidiaries too have accumulated losses.
ITC’s main goals will be to turn around the business and secure supplies for Bingo.
Technico, the company it acquired, has operations in emerging markets like India, China and Africa besides developed markets. In FY07, its group turnover was around Rs 30 crore. It has been making losses, however. Technico has a share capital of Rs 149.5 crore and a net worth of just Rs 31 crore due to accumulated losses. Its subsidiaries too have accumulated losses.
ITC’s main goals will be to turn around the business and secure supplies for Bingo.
